• High impact data absent week this week for both AU & US markets.
• AUDUSD is expected to trade within a tight range this week without major global data.
• Expecting AU to range this week with bullish bias, hovering between 0.6661 & 0.6749.
• AUDUSD is expected to trade within a tight range of 0.6650 and 0.6750 this week without high-impact data in both US & AU markets.
• Despite all other major economies starting to cut their interest rates, Australia is still behind in the game. It appears likely that the first cut will be in February 2025 unless the RBA surprises us with an early Christmas present.
• We do have US beige book released this week, however, it’s a low-level impact release.
• US elections remain to be the key topic this week and expect to be a key driver of the USD in the short term – 2 weeks away. Markets are now favouring Trump to win as his plan supports a stronger USD overall.
• Importers looking to purchase more USD might want to consider hedging as we approach December and the uncertainty surrounding the US elections.
| Economic Calendar: Mon 21st October 2024 – Fri 25th October 2024 (High Impact) (AU/US) | |||||
| Day | Time (AEDT) | Event | Country | Forecast | Previous |
| Thur | 11:30pm | Unemployment Claims | US | 243K | 241K |
| 12:45am | Flash Manufacturing PMI | US | 47.5 | 47.3 | |
| Flash Services PMI | US | 55.0 | 55.2 | ||
Source: forexfactory.com